AT&T is an American multinational conglomerate holding company that was ranked number nine in Fortune 500 rankings of 2018. AT&T is the second largest telecom provider in the United States. AT&T has announced that it will allow cryptocurrency transactions to its users.
How the Platform Works?
AT&T users will be able to accept crypto payments and the payments made by the users will be done by BitPay. BitPay is one of the major platforms for crypto payments and will provide easier access to users through an application. The process will involve changing the cryptocurrency in cash through BitPay which will be provided to the user in a receipt.
Also, some experts point out that the main purpose of AT&T becoming a crypto friendly platform suddenly isn’t to bring crypto in the mainstream. Their internal analysis must have revealed the data that many millennials have used or are looking forward to using cryptocurrency. By providing a platform that will have access to cryptocurrency, they are looking to drive customers from the competition in the market to themselves. But, this internal data is just speculation and some other thing can be the case.
Being Crypto Friendly Not A Sure Shot Success
Being crypto friendly isn’t necessary to get crypto in the mainstream and generate more business. It has been evident through many examples that just allowing users to do their transactions through cryptocurrencies will drive Crypto users to use their platform or drive existing users to switch their payment methods to Crypto. Pornhub, the pornographic website allowed its users to do their monthly subscription payments through cryptocurrencies. But still, less than 1% of the users pay using cryptocurrencies.
While being crypto friendly can mean a lot as AT&T is a big company which has a lot of users. Even if a fraction of people uses these services provided by them, it will sure make an impact on the relatively small Crypto Community due to such difference in numbers.